Fort Walton Beach Council agenda — 8-11-14--proposed budget — reading text

1. 127. 951 1. 140. 296 4, 914. 057 2, 412. 032 2, 633. 594 221, 562 9. 199 2, 454. 715 2, 320.038 4. 253. 970 2. 382, 319 2. 809. 690 427, 371 17. 949 Other Financing Uses Expenditures 35. 666, 392 34, 959, 115 54. 080, 226 34. 814. 183 37. 218. 231 2, 404, 048 6. 919 Revenues FY 2014 -15 Budgeted Revenues 37, 218, 231 Ad Valorem Taxes. Other Taxes. S6325563 . 17. 0% Si _144. 617 13 R9, Reserves, $ 2. 216,£ 6. 0% Ises & Permits, 125, 965 , 6. 2% Interfund Transfers.. S 1. 781. 486. 4. 8% Revenue Sharing ether Intergov' t, Interest & Other 215. 540. 8. 6% Revenues, 5624. 3; 1. 7% Fines and Forfeitu reation. Golf. 56, 700. 0. 29 tery, Other Fees, 159. 428. 6. 6% Stormwater S573. 000. 3. 561. 100. 9. 6% $ 8, 933. 647. 24. 090 Charges for Services ( User Fees) — The City levies user fees to fund the cost of regulating an activity or providing a service or facility. Charges for services are anticipated to generate approximately $ 15. 6 million and are the largest source of revenue for the City at 41. 9 %. Unlike taxes, these service charges are directly related to the service received. User fees include leisure services such as recreation programs, the senior center, the library, the museum, and golf; water and sewer service; garbage collection; and stormwater management. Fees are set by City Council based on the cost of providing these services, reviewed and adjusted annually as part of the budget process, and published in the Comprehensive Fee Schedule. Revenues are budgeted based on historical usage and/ or number of customers adjusted for current rates. This revenue source averages a 3. 4% annual increase. slo 9 Water and sewer rates, which generate $ 8. 9M, S8 are assumed to increase 5% on October 1, 2014 S7 for budget purposes. A new five -year utility rate 6 study is underway to determine the required rate c S5 increase to generate enough revenue to sustain a S3 renewal and replacement reserve, and account S2 for the debt service associated with the new I force main and pump station renovations. so Recreation & Other water & Sewer Garbage Sto— water Garbage fees account for $3. 6M in revenues. 02010 -11 22011 - 12 u2012 -13 02013, -14 0Budget 2014 - 15 Recreation and other fees — recreation programs, park rentals, the senior center, the library, the museum, golf, and cemetery sales — generate 2. 5M in revenues. Stormwater fees comprise $ 573K in revenues at a residential -equivalent unit of $3 per month. The Stormwater Master Plan has been completed and a priority projects list has been generated. City of Fort Walton Beach, FL Revenues Ad Valorem ( Property) Taxes — The City' s 2014 gross taxable property value for operating purposes is $ 1. 147 billion, an increase of $ 19. 6 million, or 1. 71%, from the 2013 final gross taxable property value of $ 1. 127 billion. Ad valorem taxes levied by the City comprise $ 6. 3M, or 17. 0 %, of total revenues. Property taxes primarily fund General Fund operations ($ 5. 4M, or 29 %, of General Fund revenues). However, property taxes paid by certain residents and businesses located in areas targeted for specific improvements to eliminate blight and improve infrastructure are allocated to the Community Redevelopment Agency ( CRA) Fund. Property tax revenues are allocated to the CRA Fund ($ 975K, or 60 %, of CRA revenues) based on the . growth in assessed value from the base year ( i. e. year of CRA designation). Funding from County property taxes comprises $ 575K, or 35 %, of CRA Fund revenues. 1. 600 77 1. 400 66 S 1. 200 55 Imo 44 800 600 M M 33 EE 400 M®® i M t M 22 aa 200 MMMMMM 20042004 - - 0505 20052005 - - 0606 20062006 - - 0707 20072007 - - 0808 20082008 - - 0909 20092009 - - 1010 20102010 M - - 1111 20112011 - - 1212 20122012 - - 1313 20132013 - - 1414 General General FundFund ® ® CRACRA FundFund TaxTax RevenueRevenue ••••• ••••• MillageMillage AsAs thethe chartchart aboveabove depicts,depicts, thethe CityCity maintainedmaintained oror decreaseddecreased thethe millagemillage ( ( tax)tax) raterate duringduring thethe realreal estateestate boomboom ( ( FYFY 20042004- - 0505 throughthrough FYFY 20072007 - - 08).08). TheThe CityCity maintainedmaintained thethe millagemillage raterate